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cliff how much of a cliff is that it is a hyperbolic metaphor to say the least it is not a fiscal cliff come january first two thousand and thirteen it's more like a fiscal you know step it's not going to all of a sudden caused a dramatic calamity what it will do is it will mean middle class working class families will see lower amounts of money in their paychecks because a couple of key provisions expire the two percent payroll tax cut as well as the bush era tax cuts which certainly mean a lot to middle class families but economy wide that's not going to do anything right away and chances are anything that does happen if congress doesn't act by january second will be made up later on they were. retroactively restore a lot of those tax cuts at least to the middle class so overall there is no cliff to worry about to the extent that we should be making policy decisions now because come january first the world is going to blow it's a policy decision that i'm sorry but congress you agreed upon this you passed it just drives me crazy that now suddenly there's all this conversation about how
cliff how much of a cliff is that it is a hyperbolic metaphor to say the least it is not a fiscal cliff come january first two thousand and thirteen it's more like a fiscal you know step it's not going to all of a sudden caused a dramatic calamity what it will do is it will mean middle class working class families will see lower amounts of money in their paychecks because a couple of key provisions expire the two percent payroll tax cut as well as the bush era tax cuts which certainly mean a...
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cliff if need be but is the entire idea of a fiscal cliff totally overblown and it turns out the while the new york that timothy geithner did try to address live or problems back in two thousand and eight but the documents show that his recommendations basically came straight from the banks so grab your pain pills and some water so every monday hangover. you're going to. be. joining me to discuss this tonight is christian dorsey director of external and governmental government affairs at the economic policy institute and joining us remotely is james pullos producer at huff post live and i want to thank you both for joining me tonight and before we get into it let me just start with this clip right that everyone keeps playing today which is this new ad that's been put out attacking mitt romney take a look. i'm barack obama and i approve this message oh beautiful for spacious all right. all are for. to. go. all right so the way that everyone else has chosen to look at this and then address it is the typical partisan finger pointing and what not but let's go back to what i was just talkin
cliff if need be but is the entire idea of a fiscal cliff totally overblown and it turns out the while the new york that timothy geithner did try to address live or problems back in two thousand and eight but the documents show that his recommendations basically came straight from the banks so grab your pain pills and some water so every monday hangover. you're going to. be. joining me to discuss this tonight is christian dorsey director of external and governmental government affairs at the...
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Sep 11, 2012
09/12
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and go up to 9.1% if we go over this fiscal cliff and stay over this fiscal cliff. there is a scenario, and i'll talk about that a little more maybe later about solution scenarios. there is one that i am impartial towards. i'm partial toward the number. but there is one that says, the fiscal cliff is really more of a fiscal slope. if you go in and start going down all the damage c.b.o. predicts will not occur if you turn around and go right back up. so that's the lay of the land, the history, what we're looking at here, and before i go on and talk about other things, i thought, linda, if it is ok with you, i will see if there is any questions. >> is there any consequence at o.m.b. did not pass its budget transparancy? >> is there any consequence in terms of legal action or something? >> yeah, that, and also, you hear these agencies can't plan for the future, the private sector cannot plan for the future. what is the result of that of not knowing what's coming? >> that's a much bigger question. that has to do with the impact of the fiscal cliff. in your case, by the
and go up to 9.1% if we go over this fiscal cliff and stay over this fiscal cliff. there is a scenario, and i'll talk about that a little more maybe later about solution scenarios. there is one that i am impartial towards. i'm partial toward the number. but there is one that says, the fiscal cliff is really more of a fiscal slope. if you go in and start going down all the damage c.b.o. predicts will not occur if you turn around and go right back up. so that's the lay of the land, the history,...
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Jun 24, 2012
06/12
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what is this fiscal cliff anyway? christine romans has been looking into it and is breaking it down for us. christine. >> it's bad. i'll see your storm and raise you a cliff, ali. two big forces are at play -- massive tack hikes, massive spending cuts. on january 1st the bush tax cuts, alternative minimum tax cuts expire. that means if nothing changes, your taxes will go up. at the same time medicare doctor pay will also go down. federal spending will be cut $1 trillion over the next nine years. half from defense and half from non-defense spending. the bipartisan policy center says that those cuts mean a loss of about 1 million jobs over two years. a million jobs over two years. not just government jobs, ali -- but jobs in the private sector as well. many from contractors working with the government. it will almost certainly cause a recession. the cbo says if congress drives us off that fiscal cliff, gdp will shrink at 1.9%. the economy is growing now. they're talking about early next year, seeing the economy shrink a
what is this fiscal cliff anyway? christine romans has been looking into it and is breaking it down for us. christine. >> it's bad. i'll see your storm and raise you a cliff, ali. two big forces are at play -- massive tack hikes, massive spending cuts. on january 1st the bush tax cuts, alternative minimum tax cuts expire. that means if nothing changes, your taxes will go up. at the same time medicare doctor pay will also go down. federal spending will be cut $1 trillion over the next nine...
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Nov 15, 2012
11/12
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we have our own fiscal cliff in europe. it is called austerity. it is going on especially throughout southern europe. it is designed to get the deficits and these enormous debt to gdp levels under control. the problem, of course, is there a human cost and there is an economic cost. the cost of the human front is unemployment. in spain and greece, for instance, 25% of the people are unemployed. and there is negative growth. in spain today we had negative 1.6% gdp figures. if austerity goes on, the people you see on the pictures are protesting and understandably. they're seeing the standard of living decline aggressively on the back of the tax hikes. it sounds familiar to the debate you're having in the united states. the difference is we're living it now. you're talking about it in the future as well. so the potential ramifications of the fiscal cliff have affected europe. >> shoot me an e-mail at waytooearly@msnbc.com. let me know why you're awake right now. we've moved things around a little bit. we'll read the best responses later in the show. >
we have our own fiscal cliff in europe. it is called austerity. it is going on especially throughout southern europe. it is designed to get the deficits and these enormous debt to gdp levels under control. the problem, of course, is there a human cost and there is an economic cost. the cost of the human front is unemployment. in spain and greece, for instance, 25% of the people are unemployed. and there is negative growth. in spain today we had negative 1.6% gdp figures. if austerity goes on,...
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Nov 15, 2012
11/12
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we have our own fiscal cliff in europe. it is called austerity. it is going on especially throughout southern europe. it is designed to get the deficits and these enormous debt to gdp levels under control. the problem, of course, is there a human cost and there is an economic cost. the cost of the human front is unemployment. in spain and greece, for instance, 25% of the people are unemployed. and there is negative growth. in spain today we had negative 1.6% gdp figures. if austerity goes on, the people you see on the pictures are protesting and understandably. they're seeing the standard of living decline aggressively on the back of the tax hikes. it sounds familiar to the debate you're having in the united states. the difference is we're living it now. you're talking about it in the future as well. so the potential ramifications of the fiscal cliff have affected europe. >> shoot me an e-mail at waytooearly@msnbc.com. let me know why you're awake right now. we've moved things around a little bit. we'll read the best responses later in the show. >
we have our own fiscal cliff in europe. it is called austerity. it is going on especially throughout southern europe. it is designed to get the deficits and these enormous debt to gdp levels under control. the problem, of course, is there a human cost and there is an economic cost. the cost of the human front is unemployment. in spain and greece, for instance, 25% of the people are unemployed. and there is negative growth. in spain today we had negative 1.6% gdp figures. if austerity goes on,...
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Sep 25, 2012
09/12
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i think the fiscal cliff is not what they're thinking about right now. i think right now, and i specify that the market's time has shrunk dramatically, the focus on this tug of war between the central banks and the reality that on the other hand the economy is slowing down. i think the markets will focus on the fiscal issues on the first tuesday in november. >> peter, what do you think is going on today? at the end of the day we saw the selling accelerate at the same time as the protesters in spain. things seem to be heating up there as well as of course the issues on the economy here. at the end of the day, we definitely did see a pretty good sell off. >> i think it's all the economy right now. i've been of the opinion that the fed news on september 13th culminated a central bank rally and was not the impetus for a new one. i think the reality of slowing earnings growth, a recession in europe, a dramatic slowdown in china, and potentially a recession in the u.s. is now front and center on investors' minds and will continue to be as we go through q-3 ear
i think the fiscal cliff is not what they're thinking about right now. i think right now, and i specify that the market's time has shrunk dramatically, the focus on this tug of war between the central banks and the reality that on the other hand the economy is slowing down. i think the markets will focus on the fiscal issues on the first tuesday in november. >> peter, what do you think is going on today? at the end of the day we saw the selling accelerate at the same time as the...
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and we have got the fiscal cliff coming at the end of the year. you know, what we ought to be doing is to extend the current tax rates for another year with a hard requirement to get through the comprehensive tax reform one more time. i negotiated with vice president biden, the two-year extension of the current tax rates that we're in right now. the president signed it because he argued that the taxes going up would make the economy worse. we have a slower growth rate today than we had then. that would settle at least part of the problem. >> let me ask you, though, because they are doing nothing because you are all at odds over what you should do. is, in fact, a lot of people argue slowing the growth of the economy here in the u.s. and adding to the jobless rate which is pretty tepid. i want to play you something that is from the managing director of the imf. >> the threat, only the threat of the delay in raising the debt ceiling and of the fiscal cliff could weaken growth already later this year, and should they materialize because no agreement c
and we have got the fiscal cliff coming at the end of the year. you know, what we ought to be doing is to extend the current tax rates for another year with a hard requirement to get through the comprehensive tax reform one more time. i negotiated with vice president biden, the two-year extension of the current tax rates that we're in right now. the president signed it because he argued that the taxes going up would make the economy worse. we have a slower growth rate today than we had then....
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Dec 5, 2012
12/12
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the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with eric's take? is the right strategy for republicans to stick to their guns, forget about compromise? >> no. i really don't -- eric is one of my favorite people. we talk a lot. but i think that, and i did work for the speaker gingrich during the shut-down fight in '96, and it did not work out well for republicans. the president has a much bigger bully pulpit than the speaker does. newt gingrich's bully pulpit was pretty big back in those days but at some point, republicans in the house -- and i think boehner is trying to look for ways to do this, speaker boehner,
the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with...
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Dec 1, 2012
12/12
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cliff. >> fiscal cliff. >> we could go off this fiscal cliff. >> we are facing a fiscal grand canyon. >> reporter: it's a big deal, question is, can these guys strike a deal? >> i have to repeat, i have a pen. >> reporter: meantime, damage control for u.n. ambassador susan rice, how to smooth things over this week with republicans after those benghazi talking points. >> extremist elements came to the consulate as this was unfolding. >> reporter: the didn't work, now, their talking points. >> we are significantly troubled. >> i want to say that i'm more troubled today. >> reporter: democrats shot back. >> they're not only blaming her for this intelligence report, they're trying to blame her for the actual tragic event. >> i've seen so much crazy stuff in this house, i could write a bock. >> or make an internet video that's actor angus t. jones caught slamming his own tv show. >> if you watch "two and a half men" please stop watching "two and a half men." i'm on it and don't want to be on it. >> reporter: he apologized but may still get his wish. now, to just two men. these two men. in
cliff. >> fiscal cliff. >> we could go off this fiscal cliff. >> we are facing a fiscal grand canyon. >> reporter: it's a big deal, question is, can these guys strike a deal? >> i have to repeat, i have a pen. >> reporter: meantime, damage control for u.n. ambassador susan rice, how to smooth things over this week with republicans after those benghazi talking points. >> extremist elements came to the consulate as this was unfolding. >> reporter:...
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Dec 1, 2012
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we have the fiscal cliff negotiations going on on capitol hill. for young republicans right now, as you listen to what both sides are saying in this debate, where do young republicans fall on raising taxes for the wealthiest to help pay down the debt? >> sure. thank you for having us on today, of course. but i think it's just important that as a party, our candidates are making sure that our voices are modernizing, not necessarily moderating. we don't necessarily have to fundamentally change who we are as a party and who we are as republicans. we have to make sure that our voices on taxes, on spending on the economy, are heard loud and clear. just as meghan said, the economic issues are driving many young voters indeed. so where we stand on taxes is that they should be low, but most importantly, in regards to college students and younger voters, we need to make sure that when we graduate college, that we're put to that a job environment that we're able to live productively, that we're not burdened by higher taxes, that we're not burdened by the di
we have the fiscal cliff negotiations going on on capitol hill. for young republicans right now, as you listen to what both sides are saying in this debate, where do young republicans fall on raising taxes for the wealthiest to help pay down the debt? >> sure. thank you for having us on today, of course. but i think it's just important that as a party, our candidates are making sure that our voices are modernizing, not necessarily moderating. we don't necessarily have to fundamentally...
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Sep 12, 2012
09/12
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cliff. >> well, that's the biggest part of the fiscal cliff, that and the bush tax cuts. what we will do is avoid a government shutdown. i'm told the continue resolution will take us through march so we can can come back knowing who the new president is and get to work and have a little time to begin to make the important compromises and deals that needs to be made. >> are you optimistic that a debt downgrade -- another one can be avoided before the end of the year? >> i wouldn't -- i don't know. that's moody's call. first, i'm optimistic that we can avoid a government shutdown and depending on how the elections come, there is a good chance that the lame duck period can be productive. and if not, there will be immense pressure on congress to get something done by that march deadline. and if we have to go over the fiscal cliff, we can roll it back and quickly repair that damage. i think it's important to really hold firm for middle class families against tax increases. we actually passed a bill that -- would have passed it had it not been for the republican filibuster. we
cliff. >> well, that's the biggest part of the fiscal cliff, that and the bush tax cuts. what we will do is avoid a government shutdown. i'm told the continue resolution will take us through march so we can can come back knowing who the new president is and get to work and have a little time to begin to make the important compromises and deals that needs to be made. >> are you optimistic that a debt downgrade -- another one can be avoided before the end of the year? >> i...
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Oct 2, 2012
10/12
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goes over the fiscal cliff. what's a fiscal cliff? it's a huge tax increase, huge tax increases and huge spending cuts that hit at beginning of january. the bush tax cuts would go away, the amc patch would go away, a whole bunch of things would go away, ashleigh, and that's going to look like for your tax bill next year if we go over the fiscal cliff. >> what's the reality? what is the actual chance this is going to hit us all right smack in the wallet? >> well, we hope, we hope that senators are working on this, right, and they know they've got to get this fixed. it would be disastrous, it would cause a recession. >> "new york times" say, eh, they're talking. >> they're starting to talk about what kind of framework, et cetera, et cetera. this is what it looks like. you've got economists surveyed by cnn money who say basically none of them think we'll go over the fiscal cliff. why? because it's so dangerous. 14 of 17 economists surveyed say falling off a fiscal cliff will mean a recession. 12 said the fiscal cliff is the biggest risk
goes over the fiscal cliff. what's a fiscal cliff? it's a huge tax increase, huge tax increases and huge spending cuts that hit at beginning of january. the bush tax cuts would go away, the amc patch would go away, a whole bunch of things would go away, ashleigh, and that's going to look like for your tax bill next year if we go over the fiscal cliff. >> what's the reality? what is the actual chance this is going to hit us all right smack in the wallet? >> well, we hope, we hope...
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Oct 23, 2012
10/12
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and fiscal cliff in front of it seems that our economy is already on a precipice. it will get worse? >> well you know president signed sequestration bill, so i thought that meant he was in favor of sequestration happening, when he said it is not going to happen, some pundits in washington may agree with him, but no one has come up with allege latest fix -- legislatist fix how we cut the money for spending we have to look at military spending and domestic welfare spending, they both have to be looked at if we're ever going to balance the budget. gerri: senator paul, always a pleasure, be interesting to see if you get much reaction to the ads. >> thank you. >> well, candidates dashing to finish line, president obama ii worried he is not making his bottom line for a second term clear. so, he is releasing a 20 page book met on his plan. -- booklet on his plan. >> my plan will move america forward. and by the way, the mask in my plan, adds up, folks were not convince they'd can look here and find out what it and i intend to do in the second term. gerri: so, 14 days unti
and fiscal cliff in front of it seems that our economy is already on a precipice. it will get worse? >> well you know president signed sequestration bill, so i thought that meant he was in favor of sequestration happening, when he said it is not going to happen, some pundits in washington may agree with him, but no one has come up with allege latest fix -- legislatist fix how we cut the money for spending we have to look at military spending and domestic welfare spending, they both have...
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Nov 11, 2012
11/12
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gridlock over the so-called fiscal cliff. what's the fiscal or better put financial cliff? think of it as a high, steep rock. a ledge the u.s. is teetering on and will plunge over if no action is taken on certain financial matters. what are those? one, the bush era tax cuts. in 2001 and 2003, congress, under president george w. bush, lowered everyone's taxes. but it was only temporary, like 11 years temporary. less than two months from now midnight december 31, taxes go back up. the average household will pay more in taxes each year, $2000 to $3500 more. two, sequestration. what's that? new, big budget cuts. $110 billion in cuts in 2013 alone. they go into effect january 2, and will affect the defense budget and the domestic budget. the cbo, says unemployment could climb up over 9%, pushing the u.s. back into recession. why did this happen? an automatic sequestration or permanent set aside of $1.2 trillion was passed by congress, in order to force congress to compromise and figure out how to cut the budget itself. but, a congressional supercommittee of house and senate memb
gridlock over the so-called fiscal cliff. what's the fiscal or better put financial cliff? think of it as a high, steep rock. a ledge the u.s. is teetering on and will plunge over if no action is taken on certain financial matters. what are those? one, the bush era tax cuts. in 2001 and 2003, congress, under president george w. bush, lowered everyone's taxes. but it was only temporary, like 11 years temporary. less than two months from now midnight december 31, taxes go back up. the average...
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Sep 20, 2012
09/12
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i do not believe we will go over the fiscal cliff. the work that needs to be done, everyone knows what needs to be done. >>reporter: on the post election to-do list, the expiring bush tax cuts, the expiring payroll tax cuts, the farm bill, and the transportation bill, just do make a few. >>neil: just a few details. molly, thank you very much. >> first refusing to label this a terror attack, now the white house says itself evident said it is now self-evident it was. not not for the first time the white house is calling the deadly embassy violence in libya a terrorist attack, a 180 from what they said early in the week. i will not put labels on this until we have a complete investigation. >> you do not regard this as an act of terrorism? >> i don't think we know enough. we will continue to assess. we will have a full investigation now. we will be in a better position to put labels on things. >>neil: so the investigation is drop -- is done. >>guest: they had to say it because yesterday the counterterrorism testified before congress and s
i do not believe we will go over the fiscal cliff. the work that needs to be done, everyone knows what needs to be done. >>reporter: on the post election to-do list, the expiring bush tax cuts, the expiring payroll tax cuts, the farm bill, and the transportation bill, just do make a few. >>neil: just a few details. molly, thank you very much. >> first refusing to label this a terror attack, now the white house says itself evident said it is now self-evident it was. not not for...
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Sep 27, 2012
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the economist on how to survive our fiscal cliff. president obama blames anti-american protests still on the amateurish internet video in the face of denials from his own intelligence agencies and world leaders and muslim leaders at the united nations are calling for what sounds like a global fate. the experts join us next. ♪ [ thunder crashes ] [ female announcer ] some people like to pretend a flood could never happen to them. and that their homeowners insurance protects them. [ thunder crashes ] it doesn't. stop pretending. only flood insurance covers floods. ♪ visit floodsmart.gov/pretend to learn your risk. yeah, i'm looking to save, but i'm not sure which policy is right for me. you should try our coverage checker. it helps you see if you have too much coverage or not enough, making it easier to get what you need. [ beeping ] these are great! [ beeping ] how are you, um, how are you doing? i'm going to keep looking over here. probably a good idea. ken: what's a good idea? nothing. with coverage checker, it's easy to find yo
the economist on how to survive our fiscal cliff. president obama blames anti-american protests still on the amateurish internet video in the face of denials from his own intelligence agencies and world leaders and muslim leaders at the united nations are calling for what sounds like a global fate. the experts join us next. ♪ [ thunder crashes ] [ female announcer ] some people like to pretend a flood could never happen to them. and that their homeowners insurance protects them. [ thunder...
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Sep 13, 2012
09/12
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to remind our viewers the fiscal cliff is when the bush-era tax cuts expire and massive cuts in january. take a listen. >> listen, the house has done its job on both the sequester and the looming tax hikes that will cost our economy some 700,000 jobs. the senate at some point has to act. on both of these where is the president? where is the leadership? absent without leave. >> jennifer: whatever. moody's issued a stern warning that the u.s. could be downgraded if congress does not reach a deal. what is it going to take to get a deal? >> it's going to take the 11th hour. we've seen this movie before where congress always delays its home work until the last minute. we know this is coming every year. it's almost like christmas where we have some kind of fiscal dire consequences that congress is facing unless they do something. in this case boehner is being a bit specious in his criticism of the senate and the president. the house republicans did not want to go along with this deal in the first place. boehner had to corral many of them and basically twist their arms because you have a lot o
to remind our viewers the fiscal cliff is when the bush-era tax cuts expire and massive cuts in january. take a listen. >> listen, the house has done its job on both the sequester and the looming tax hikes that will cost our economy some 700,000 jobs. the senate at some point has to act. on both of these where is the president? where is the leadership? absent without leave. >> jennifer: whatever. moody's issued a stern warning that the u.s. could be downgraded if congress does not...
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Nov 18, 2012
11/12
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CNN
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then back away from the fiscal cliff. can they? a conversation with the number two senate democrat dick durban and tom price. chairman of the house republican policy committee. also, republican carlos gutierrez. >> we must be the party of immigration. >> our follow-up conversation with a man who led mitt romney's outreach to latinos. >>> plus, the politics of scandal. the jackie calmes of the "new york times" and jerry seib and cnn pentagon correspondent barbara starr. i'm candy crowley, and this is "state of the union." >>> good morning from washington. with all the intrigue of a bond film, i stealthy general david petraeus arrived and left capitol hill. behind closed doors they heard him. >> his testimony today was that from the start he had told us that this was a terrorist attack. terrorists involved from the start. >> it was testimony that seemed to challenge white house explanations of who knew what when about the attack on the u.s. consulate in libya that killed four americans. joining me is missouri senator roy blunt and ma
then back away from the fiscal cliff. can they? a conversation with the number two senate democrat dick durban and tom price. chairman of the house republican policy committee. also, republican carlos gutierrez. >> we must be the party of immigration. >> our follow-up conversation with a man who led mitt romney's outreach to latinos. >>> plus, the politics of scandal. the jackie calmes of the "new york times" and jerry seib and cnn pentagon correspondent barbara...
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Sep 19, 2012
09/12
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the fact is if we are worried about the fiscal cliff, we should be worried about the fiscal cliff, but it's the draconian spending cuts to investments and things that produce growth in this economy. that's what we should be worried about. >> you mention that it's the demographics. the fact is, the demographics have changed. we're living longer. people are needing these services longer in their life. yet, social security hasn't changed at all. with you talk about demographics, we need to address what hasn't been changed at all to meet the changing demographics. >> that's a good point -- >> that's an argument for entitlement reform. social security has changed. the retirement age has gone occupy. starting in the 1980s, there was a reform to increase the retirement age. also, the point about increasing life expectancy is a smalls a peblgt of it. it's not about increasing life expectancy. it's that there's a huge generation of people who are all about to retire at the same time. even if the life expectancy hadn't gone up, we'd still have this fiscal problem. >> final word. >> if we go back
the fact is if we are worried about the fiscal cliff, we should be worried about the fiscal cliff, but it's the draconian spending cuts to investments and things that produce growth in this economy. that's what we should be worried about. >> you mention that it's the demographics. the fact is, the demographics have changed. we're living longer. people are needing these services longer in their life. yet, social security hasn't changed at all. with you talk about demographics, we need to...
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Sep 12, 2012
09/12
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and let's avoid this fiscal cliff. there is no reason to go over the cliff as some suggest we ought to do. some suggest is this would be good for the country somehow. it would be terrible for the country. >> you have the super committee and you all couldn't come to an agreement. and the failure of that was supposed to lead to something awful, right? the sequester. so that's kind of -- that was the whole point. i mean, now people are trying to say let's switch the way the sequester was set up, and i mean -- if you're a ratings agency or someone around the world, it kind of looks like we don't know where we're going. >> well, i -- as you may have heard me say before, i don't think the sequester worked and therefore i don't think it was a good idea. and i was in those meetings and i can tell you republicans looked at this and said gee, there are no tax increases and we get the savings we were asked to find. and gosh, there are defense cuts which we wanted to do for decades this may not be a bad deal for us. so i think not
and let's avoid this fiscal cliff. there is no reason to go over the cliff as some suggest we ought to do. some suggest is this would be good for the country somehow. it would be terrible for the country. >> you have the super committee and you all couldn't come to an agreement. and the failure of that was supposed to lead to something awful, right? the sequester. so that's kind of -- that was the whole point. i mean, now people are trying to say let's switch the way the sequester was set...
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Sep 19, 2012
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and in four or five months, we're going to be dealing with what's called the fiscal cliff. but in english, that means the congress is going to have to go back and approve in some way borrowing perhaps trillions of dollars more. and whether that can be worked out politically is really in many ways what the campaign should be about. not to dismiss what romney has said here. he should be held accountable, and he is. >> and it's interesting, because you know as we said, it took the whole interview for him to get to try to say, you know, his point of view on hey, look at the economy, the way i see it, it's worse than all these ways, so vote for me. your book, "the price of politics" is about -- and is painful in so many ways, about the failure on so many levels of so many people to actually get a deal done to avert a fiscal crisis by the biggest economy and greatest nation in the world. it's a tragedy. do you think we are going to be able to get a deal, no matter who wins? if barack obama wins re-election, he's not going to have both the house and the senate. we're going to be i
and in four or five months, we're going to be dealing with what's called the fiscal cliff. but in english, that means the congress is going to have to go back and approve in some way borrowing perhaps trillions of dollars more. and whether that can be worked out politically is really in many ways what the campaign should be about. not to dismiss what romney has said here. he should be held accountable, and he is. >> and it's interesting, because you know as we said, it took the whole...
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Sep 16, 2012
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the real fiscal cliff is, we are already bankrupt. the real fiscal cliff is that nobody is thinking -- nobody is offering from the white house a solution to medicare. our biggest problem in front of our country is this demographic shift of which i am part, and the fact that the average couple puts $110,000 into medicare antics $350,000 out. you solve that problem tomorrow, and we do not need the federal reserve keeping interest rates artificially low. it will be low because we will be dynamically and fiscally healthy. there is the real fiscal cliff. what we have done is we have taken the focus and say, here is the short-term again. the real problems are all long term. their manifestations come in the short term. they will be much greater two years from now if we do not fix it. if we do not send the signal that we are going to take care of the long-term problems, we can fix the fiscal cliff. it will not matter one year from now. the bond vigilante's will have already driven down the price of our bonds and our interest rates will be 6%.
the real fiscal cliff is, we are already bankrupt. the real fiscal cliff is that nobody is thinking -- nobody is offering from the white house a solution to medicare. our biggest problem in front of our country is this demographic shift of which i am part, and the fact that the average couple puts $110,000 into medicare antics $350,000 out. you solve that problem tomorrow, and we do not need the federal reserve keeping interest rates artificially low. it will be low because we will be...
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certainly the fiscal cliff is part of the story. if that happens and unemployment creeps back up again, then we have more structural problems that go well beyond housing. certainly it will be addressed. you are right, those beings that we are seeing and projecting through the first quarter of 2013, they need to be taken into context. it is good news and certainly going up is better than going down. but the key is that a lot of these markets, phoenix, miami, tucson, las vegas, all of these markets were severely hit during the downturn. this double-digit growth that is projecting the prices. [talking over each other] gerri: i think it's a great thing. mark, let me turn to you for a second. you said that home prices are up its% year-over-year. you are looking for more gains. the question that keeps coming to mind is how fragile is this recovery. you would think given the particulars, that people would be all over this marketplace. it's not happening. is a fragile recovery? >> actually don't think that fragile. we are in equilibrium rig
certainly the fiscal cliff is part of the story. if that happens and unemployment creeps back up again, then we have more structural problems that go well beyond housing. certainly it will be addressed. you are right, those beings that we are seeing and projecting through the first quarter of 2013, they need to be taken into context. it is good news and certainly going up is better than going down. but the key is that a lot of these markets, phoenix, miami, tucson, las vegas, all of these...
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Nov 27, 2012
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in the negotiations or the fiscal cliff. public events, private meetings, so far they are not set a date for them to get together. some quick headlines. tensions intensified in egypt as the muslim brotherhood president -- he has met with judicial leaders. that is the latest of egypt. and the los angeles times, syria is now a shell of its old self. the los angeles times reporting on that. and then this tension debate on whether susan rice should become the next secretary of state. this is the washington times. but as far back to our discussion this morning for all of you. going off the fiscal cliff, some democrats are saying that the possibility and wouldn't be so bad. steve, on our line for republicans, what do you think? caller: i totally agree with the caller from texas who said that we should return to the clinton era tax law. just think of that era we had. we had a budget surpluses. and we had a winning prosperity. i do not think we need to fear returning to the clinton tax law. and as the caller said from texas, the dem
in the negotiations or the fiscal cliff. public events, private meetings, so far they are not set a date for them to get together. some quick headlines. tensions intensified in egypt as the muslim brotherhood president -- he has met with judicial leaders. that is the latest of egypt. and the los angeles times, syria is now a shell of its old self. the los angeles times reporting on that. and then this tension debate on whether susan rice should become the next secretary of state. this is the...
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Oct 28, 2012
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cliff that is looming tend of december? can you talk a little bit about what you think should happen? we have tax cuts that are about to expire, many of them, you know, and we also have, like you were just talking about, the trillion dollar sequestration cuts that will be across the board in both domestic and military spending, hall of these things are happening by the end of the year. what do you think congress should do, do you feel like they should leave everything out of this so we can start reducing our deficit, or do you have any ideas that congress should put in place that you will put forward when you guys go back in next week, two weeks from now? >> yeah. i think the best way to talk about the tax rates are, they're what we've had for 10 years, and businesses have made their plans predicated on these tax rates. i don't think we should increase the tax rates on anybody. to me, i don't really care whether you're rich or you're middle class or poor, we shouldn't divide up people. we should distribution centers stride
cliff that is looming tend of december? can you talk a little bit about what you think should happen? we have tax cuts that are about to expire, many of them, you know, and we also have, like you were just talking about, the trillion dollar sequestration cuts that will be across the board in both domestic and military spending, hall of these things are happening by the end of the year. what do you think congress should do, do you feel like they should leave everything out of this so we can...
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Nov 11, 2012
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it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the independent firm ernst & young, destroy 700,000 american jobs. that's because many of those hit by this tax increase are small business owners -- the very people who are the key to job creation in america. i used to be one of them. this week, i offered congratulations to president obama -- along with an alternative to sending our economy over any part of the fiscal cliff. instead of raising tax rates on the american people and accepting the damage it will do to our economy, let's start to actually solve the problem. let's focus on tax reform that closes special interest loopholes and lowers tax rat
it's also critical to averting the so-called fiscal cliff, a combination of automatic spending cuts and tax rate increases that's just weeks away from taking effect. some have said that despite the risks, we should let our nation's economy go off part of the fiscal cliff in january, by allowing the top two rates to rise. they believe that doing that will generate more revenue for the federal government. but here's the problem with that. raising those rates on january 1 would, according to the...
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Oct 21, 2012
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. >> what about the fiscal cliff? we are obviously going off the fiscal cliff at the end of the year when the tax cuts expire. we will see a huge tax increase for 90% of the country. k, all income levels and the spending programs get cut, as well. that may lead to layoffs. arare youexpecting at to lead to a recession in 2013? >> no. no. i clearly -- we're not going to go off the fiscal cliff. i think the fiscal cliff is very significant. i don't think they will necessarily resolve it early on. it represents a breakdown of civility in some ways, in the way the budgets are passed, break from tradition, even if they get by this, i worry about what that breakdown in tradition will do in the future. hopefully, we won't commit economic suicide by actually putting in all of that tightening so quickly. i certainly care about the budget dedeficits, but, you kno that's not the way to do business. i'd like to see something like simpson bowls getting rid of a lot of deductions, keeping rates low, trying to cut some spending. both
. >> what about the fiscal cliff? we are obviously going off the fiscal cliff at the end of the year when the tax cuts expire. we will see a huge tax increase for 90% of the country. k, all income levels and the spending programs get cut, as well. that may lead to layoffs. arare youexpecting at to lead to a recession in 2013? >> no. no. i clearly -- we're not going to go off the fiscal cliff. i think the fiscal cliff is very significant. i don't think they will necessarily resolve...
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you'd think the fiscal cliff would be a huge issue here. virginia depends heavily on defense spending and is facing massive cuts if congress doesn't act. but sequestration, the official word for the fiscal cliff cuts, hasn't been a campaign issue. >> they tried to play sequestration and blame it on each other, and i don't think it had any traction whatsoever. most people don't know what it is and they blame both parties for it. >> reporter: voters here are more concerned about everyday economics. >> mainly, i want chae in t economy, like better prices on gas and food. i want to make sure my job is secure. >> i'm looking at my grandkids as far as college and what the future is going to hold for employment for them and even if they can. >> followings stocks. when you study them and you realize that the economy is doing better than people admit. reports i read give the honest take versus the political take. what i see is an economy that is on alight trend, and i want to e the trend continue. therefore, i'm going to do something to make sure my
you'd think the fiscal cliff would be a huge issue here. virginia depends heavily on defense spending and is facing massive cuts if congress doesn't act. but sequestration, the official word for the fiscal cliff cuts, hasn't been a campaign issue. >> they tried to play sequestration and blame it on each other, and i don't think it had any traction whatsoever. most people don't know what it is and they blame both parties for it. >> reporter: voters here are more concerned about...
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Nov 29, 2012
11/12
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congress designed the fiscal cliff. i think probably senator thune from south dakota is making the most sense last night saying maybe we should kick the can down the road for six months instead of trying to rush it i'm not a fan of kicking the can down the road, that's what congress does. in this case, you have everyone scrambling, trying to examine the ramifications of the election. you have new people coming in. some of the people voting were thrown out of congress. why not wait until the 1st of the year. >> kicking the can, you look at markets today. you have global markets up. stock futures are up. the stock market was up yesterday because this whole idea of optimism from john boehner and the president that this could get done by the end of the year is something the world wants to see. you look at our polling. our polling shows, and the most recent poll from abc news/"washington post," 60% of people support raising tacks on incomes over $250,000 per year. isn't the argument of kicking the can down the road losing so
congress designed the fiscal cliff. i think probably senator thune from south dakota is making the most sense last night saying maybe we should kick the can down the road for six months instead of trying to rush it i'm not a fan of kicking the can down the road, that's what congress does. in this case, you have everyone scrambling, trying to examine the ramifications of the election. you have new people coming in. some of the people voting were thrown out of congress. why not wait until the 1st...
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Jul 15, 2012
07/12
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there's a lot of talk in washington these days about the fiscal cliff and part of that fiscal cliff is huge cuts in the defense department, and for you, governor, you are number two in the states that it is estimated by the national association of manufacturers will lose almost 115,000 jobs if these defense cuts go through. at what point do you begin to try to figure out what that's -- what the fiscal cliff, if we go off it, will begin to affect virginia? >> well, we're very concerned about it. deval i think in massachusetts is the fifth largest potential loser at about 38,000 jobs, and, you know, this sequestration bill that was put in place a couple -- last year was one that nobody really thought was going go into effect, and, unfortunately, with the failure in congress and no leadership from the white house, they put $600 billion of defense spending at risk, even secretary panetta said it's a bad idea. i'm worried not only about jobs in virginia but i'm worried about the security of the united states of america. they can't wait until the lame duck session. they need to act, i think,
there's a lot of talk in washington these days about the fiscal cliff and part of that fiscal cliff is huge cuts in the defense department, and for you, governor, you are number two in the states that it is estimated by the national association of manufacturers will lose almost 115,000 jobs if these defense cuts go through. at what point do you begin to try to figure out what that's -- what the fiscal cliff, if we go off it, will begin to affect virginia? >> well, we're very concerned...